India Records Trade Deficit with Top Partners, China Emerges as Largest Trading Partner

India Records Trade Deficit with Top Partners, China Emerges as Largest Trading Partner

India has experienced a trade deficit with most of its top trading partners in the fiscal year 2023-24. Official data reveals significant trends in trade imbalances with key countries.

China

  • Trade Deficit: $85 billion in 2023-24
  • Previous Deficit: $83.2 billion in 2022-23
  • Increase in Deficit: Yes
  • China’s Emergence as Top Trading Partner: Yes, with $118.4 billion in two-way commerce.

Russia

  • Trade Deficit: $57.2 billion in 2023-24
  • Previous Deficit: $43 billion in 2022-23
  • Increase in Deficit: Yes

Korea

  • Trade Deficit: $14.71 billion in 2023-24
  • Previous Deficit: $14.57 billion in 2022-23
  • Increase in Deficit: Yes

Hong Kong

  • Trade Deficit: $12.2 billion in 2023-24
  • Previous Deficit: $8.38 billion in 2022-23
  • Increase in Deficit: Yes

UAE, Saudi Arabia, Indonesia, Iraq

  • Trade Deficit: Reduced in the last fiscal year.

US

  • Trade Surplus: $36.74 billion in 2023-24
  • India’s Largest Trading Partner: China overtakes the US with $118.4 billion in two-way commerce.

Multiple Choice Questions (MCQs):

  1. What was India’s trade deficit with China in 2023-24?
    • A) $83.2 billion
    • B) $85 billion
    • C) $57.2 billion
    • D) $14.71 billion
    • Answer: B) $85 billion
  2. Which country emerged as India’s largest trading partner in 2023-24?
    • A) Russia
    • B) United States
    • C) China
    • D) Saudi Arabia
    • Answer: C) China
  3. Which country among the following showed a decrease in trade deficit with India in 2023-24?
    • A) Korea
    • B) Hong Kong
    • C) Russia
    • D) UAE
    • Answer: D) UAE
  4. What was India’s trade surplus with the US in 2023-24?
    • A) $36.74 billion
    • B) $83.2 billion
    • C) $57.2 billion
    • D) $118.4 billion
    • Answer: A) $36.74 billion
  5. According to the Global Trade Research Initiative (GTRI), what is a major concern regarding trade deficits?
    • A) Reduced foreign investment
    • B) Currency appreciation
    • C) Economic instability
    • D) Boosting exports
    • Answer: C) Economic instability